Digg co-founder raising $50 million for Internet of things fund

Center Electric, a new venture capital firm focused on the Internet of things, is seeking to raise $50 million for its debut fund (with a $75 million hard cap), Fortune has learned from prospective investors.

The Silicon Valley-based firm was formed by Jay Adelson, co-founder of Equinix (EQIX) and Digg, and former Dolby Labs (DLB) executive Andy Smith. It plans to back early-stage companies involved in producing the “underlying infrastructure needed to support IoT as well as the hardware that takes advantage of it.”